Biba launches new guide to help brokers understand more about AI

Biba has launched a new guide to help brokers understand how artificial intelligence (AI) might be beneficially incorporated into their business.

The guide, which is a Biba member only benefit, has been written by those already experienced in the use of AI in insurance businesses.

It describes how and where AI can be used, the regulatory, legal and compliance considerations and encourages brokers to look at what benefits it might bring, while cautioning against it being a panacea for serving customers.

There are also contributions from Markel, Gallagher Re, PIB, FullCircl, Romero, CFC and Cyxcel, with many real-life examples of using AI.

Biba chief executive Graeme Trudgill said: “AI, and its adoption, is moving fast.

“In a world where technology can be transformative, we wanted to help members grasp the opportunities and the risks it presents. Certainly, the AI genie is out of the bottle, so our aim is to help brokers navigate the new era of AI safely and within regulatory requirements.”

Markel support

The guide comes after Biba surveyed members to assess levels of interest in and adoption of AI.

It was built around the feedback and launched with Markel as a sponsor.

Broker divisional director at Markel UK, Jo Sykes, said: “Markel is proud to support Biba in producing this guide to AI.

“It is an invaluable tool for brokers looking to manage how their business interacts and utilises AI. With practical insights and expert advice throughout, the guide will help Biba members take advantage of AI technology effectively and ethically.

“In this ‘new era’, information and support such as this will allow the insurance sector to embrace innovation and drive our industry forward for the benefit of customers.”